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INDIAN TOY INDUSTRY WITNESSES 52% DECLINE IN IMPORTS AND 239% RISE IN EXPORTS IN FY 2022-23 IN COMPARISON TO FY 2014-15
The Business Guardian
|January 20, 2024
The Indian Toy industry witnessed remarkable growth FY 2022-23 in comparison to FY 2014-15, with the decline in imports by 52%, rise in exports by 239% and development of overall quality of the Toys available in the domestic market.
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These observations have been noted in a Case Study on "Success Story of Made in India Toys" has been conducted by the Indian Institute of Management (IIM) Lucknow at the behest of Department for Promotion of Industry and Internal Trade (DPIIT).
The report states that the efforts of the Government have enabled in creation of a more conducive manufacturing ecosystem for the Indian Toy industry. It highlighted that in a span of 6 years, from 2014 to 2020, these dedicated efforts have led to the doubling of the number of manufacturing units, reduction in dependence on imported inputs from 33% to 12%, increase in gross sales value by a CAGR of 10%, and overall rise in labour productivity.
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